Morning News Call - India, October 10

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FACTORS TO WATCH
9:00 am: India's President Ram Nath Kovind, Transport Minister Nitin Gadkari
and Junior Water Resources Minister Arjun Ram Meghwal at inauguration of India
Water Week 2017 in New Delhi.
10:00 am: Mines Minister Narendra Singh Tomar at 'Poverty Quit India-2022'
event in New Delhi.
10:00 am: India's Vice President M. Venkaiah Naidu at International
Conference on Yoga for Wellness in New Delhi.
10:00 am: Maruti Suzuki Vice President R.S. Kapoor, Indian Railway Stations
Development Corp. CEO and Managing Director S.K. Lohia at SIAM event in New
Delhi.
10:15 am: Kotak Mahindra Bank MD Uday Kotak, BSE Committee Member Ramesh
Damani and executives from asset management companies at Morningstar Investment
Conference in Mumbai.
10:30 am: ITC Senior Vice President Anil Rajput and FSSAI CEO Pawan Kumar
Agarwal at National Summit & Awards FMCG 2017 in New Delhi.
11:00 am: Mahindra & Mahindra MD Pawan Goenka at launch of newest edition of
KUV 100 in Mumbai.
12:00 pm: India Ratings media roundtable to release report on Revival of
India Inc.'s Investment Cycle in Mumbai.
3:00 pm: Oil Minister Dharmendra Pradhan, Transport Minister Nitin Gadkari
and oil Industry officials at India Energy Forum in New Delhi.
LIVECHAT- NORTH KOREA CRISIS
Philippe Dauba-Pantanacce, Senior Economist and Global Geopolitical Analyst,
Standard Chartered joins us at 12:00 pm IST. To join the conversation, click on
the link: here
INDIA TOP NEWS
• Cairn Oil and Gas to invest $4.6 billion in new exploration
Cairn Oil and Gas, part of Vedanta Ltd, will invest 300 billion rupees in
exploration projects off India's east coast and in the onshore fields of Barmer
in the west, its acting CEO said.
• RBI chief: growth important, but not at cost of inflation - newspaper
Fostering monetary conditions conducive to economic growth were a constant
consideration for Indian policymakers, but would not take priority over
achieving the central bank's inflation target, Governor Urjit Patel told a
newspaper on Monday.
• PM Modi targets more energy reforms after meeting oil chiefs
Prime Minister Narendra Modi sees scope for further reform of the country's
energy sector and has received "focused suggestions" from some of the world's
leading energy companies, the office of the premier said on Monday.
• Tata chairman says interested in bidding for Air India - TV channel
India's Tata conglomerate is interested in bidding for state-owned Air India
as the group needs to increase the sizes of its aviation business, its boss told
television channel CNBC TV18 in an interview on Monday.
• ONGC Videsh expects Sudan to clear $400 million dues as U.S. lifts
sanctions - Executive
ONGC Videsh expects Sudan to clear about $400 million owed to the state-run
energy company after the lifting of the U.S. sanctions, its managing director
N.K. Verma said on Monday.
• Supreme Court bans firecracker sales in Delhi ahead of peak pollution
season
The Supreme Court on Monday temporarily banned the sale of firecrackers in
and around the capital ahead of Diwali, the Hindu festival of lights, as it
looks to prevent a repeat of severe air pollution that forced school closures
last year.
GLOBAL TOP NEWS
• Google uncovered Russia-backed ads on YouTube, Gmail -source
Google has discovered Russian operatives spent tens of thousands of dollars
on ads on its YouTube, Gmail and Google Search products in an effort to meddle
in the 2016 U.S. presidential election, a person briefed on the company's probe
told Reuters on Monday.
• Trump-Corker spat complicates drive for tax reform in U.S. Senate
A public feud between President Donald Trump and influential fellow
Republican Bob Corker could narrow the path for a tax overhaul in the U.S.
Senate, where a Republican go-it-alone effort is already showing signs of
disunity.
• Turkey urges U.S. to review visa suspension as lira, stocks tumble
Turkey urged the United States on Monday to review its suspension of visa
services after the arrest of a U.S. consulate employee sharply escalated tension
between the two NATO allies and drove Turkey's currency and stocks lower.
LOCAL MARKETS OUTLOOK
(As reported by NewsRise)
• The SGX Nifty Futures were at 10,023.50, trading up 0.01 percent from its
previous close.
• Indian government bonds are likely to edge lower in early session ahead of
a fresh supply of notes from states, as underlying sentiment remains negative
amid concerns of rising inflation. The yield on the benchmark 6.79 percent bond
maturing in 2027 is likely to trade in a 6.75 percent - 6.80 percent band.
• The Indian rupee will likely edge higher against the dollar in early
trade, in line with Asian peers, tracking the dollar’s slide from multi-month
highs reached last week and a strong euro.
GLOBAL MARKETS
• Wall Street fell from record levels on Monday as gains in Microsoft and
other technology stocks failed to offset a drop in General Electric and a slide
in healthcare stocks.
• Asian shares rose, shrugging off modest losses on Wall Street, while
expectations of another U.S. interest rate increase this year continued to
underpin the dollar.
• The dollar steadied after edging away from a 10-week high overnight,
taking support from underlying expectations that improved prospects for the U.S.
economy would prompt the Federal Reserve to raise interest rates later this
year.
• Oil prices were stable as OPEC said there were clear signs the market was
rebalancing and as U.S. production remained offline following Hurricane Nate.
• Gold prices inched up to their highest in more than a week, but the gains
were capped as the dollar held firm bolstered by expectations of another Federal
Reserve interest rate hike this year.
CLOSE FII INVESTMENTS EQUITIES DEBT
PNDF spot 65.43/65.46 October 9 -$72.69 mln $99.62 mln
10-yr bond yield 7.00pct Month-to-date -$395.51 mln $1.54 bln
Year-to-date $4.96 bln $24.82 bln
For additional data:
India govt bond market volumes
Stock market reports
Non-deliverable forwards data
Corporate debt stories [IN CORPD]
Local market closing/intraday levels [IN SNAPSHOT]
Monthly inflows [INFLOWS RTRS TABLE IN]
($1 = 65.35 Indian rupees)
(Compiled by Shradha Singh in Bengaluru)